Poland stands as the last EU member state without a domestically enacted enabling act to implement the bloc’s Markets in Crypto-Assets (MiCA) framework, as the Sejm again failed to override a presidential veto on the Crypto-Asset Market Act. According to Cointelegraph, President Karol Nawrocki defended his veto by warning that the draft imposes excessive regulation that could burden small businesses. Critics say the absence of a clear framework exposes the market to fraud and creates a permissive space for illicit activity. The political path forward remains uncertain.

With the MiCA transitional period set to end on July 1, Poland’s lagging implementation stands in contrast to the rest of the bloc. Absent a solution, local firms risk losing a compliant path to operate within the European market, prompting some to relocate their operations abroad in search of a regulatory environment that aligns with MiCA’s standards or speedier licensing processes. The situation illustrates how national politics can influence the EU’s single market for crypto, potentially creating regulatory arbitrage opportunities for Polish firms and shifting competitive dynamics within the region.

Key takeaways

• Poland remains the sole EU member yet to enact MiCA-compliant regulation, with a July 1 transition deadline looming.
• The Crypto-Asset Market Act draft has drawn criticism for its length and scope, including measures perceived as beyond MiCA’s remit, such as restrictions on marketing and the potential for administrative website blocking.
• The Polish Financial Supervision Authority (KNF) would become the sole crypto regulator under the act, with powers to levy fines and maintain a blacklist of “unreliable” domains; licensing timelines under the KNF have been described as some of Europe’s slowest.
• Industry groups warn that the Polish approach risks restricting competitiveness and driving firms to relocate to MiCA-friendly jurisdictions like Latvia or the Czech Republic.
• The policy debate remains deeply fissured across political lines, with multiple vetoes, competing drafts, and public disputes shaping the trajectory of Poland’s crypto regime and its EU interoperability.

MiCA transition stalls amid veto cycles

In November 2025, the Sejm passed the Crypto-Asset Market Act, intended to bring Polish law into alignment with MiCA. However, according to Cointelegraph, the government and many industry observers criticized the measure for its breadth and complexity. The Warsaw Enterprise Institute—the business-focused think tank cited as a critic—argued that the Polish bill runs to several hundred articles, whereas other EU members published shorter, more streamlined regimes. The institute also flagged provisions such as a purported ban on certain crypto marketing activities and the possibility of blocking websites by administrative decision, without a court remedy. They contended that such tools would not be justified by MiCA and would disadvantage Polish firms relative to peers in other EU countries.

The proposed regime would vest the KNF with sweeping oversight of Poland’s entire crypto market, including enforcement actions and a formal blacklist of domains deemed unreliable. Critics warned this centralized authority could be slow to react and prone to overreach, especially given the KNF’s existing reputation for protracted regulatory processes. A 2023 European Banking Authority peer review described the KNF as the slowest regulator in Europe for authorizations, a concern echoed by industry observers. In the same period, the Warsaw-based think tank noted Nova data points: the KNF had issued two licenses for brokerages in the last decade and just one electronic money institution license, while Lithuania had registered well over 100 such licenses. These contrasts underscored fears that the Polish regime could place local actors at a competitive disadvantage within the European market. (Source: European Banking Authority peer review via Cointelegraph)

On December 1, 2025, Nawrocki vetoed the law again, arguing the measure’s regulatory footprint was bloated. The government did not override the veto and subsequently reintroduced the identical bill. Nawrocki vetoed again in February, and on April 17 the Sejm failed to override for a second time. The persistence of the veto cycle has kept Poland outside the MiCA-aligned regulatory framework as the July 1 transitional benchmark approaches, according to Cointelegraph’s reporting.

Regulatory architecture and market implications

If enacted, the Crypto-Asset Market Act would centralize oversight within the KNF, granting it licensing authority, enforcement powers, and the ability to maintain a blacklist of domains. That centralization, while aligned with concerns about consumer protection and market integrity, also raises questions about proportionality and due process, particularly given the envisaged administrative tools for domain blocking and potential penalties. The broader EU policy context—MiCA’s aim for a harmonized internal market—implies Poland would still need to reconcile any national features with cross-border supervisory expectations and potential responsibilities shared with EU bodies.

From a compliance and banking perspective, the timing and shape of Poland’s regulatory approach carry material implications. Banks and payment institutions evaluating crypto-related exposure often require clear, predictable licensing regimes and robust consumer protections. Prolonged regulatory uncertainty can complicate onboarding, risk assessment, and liquidity planning for licensed operators, while a slow or opaque domestic framework could push firms to establish or relocate operations in jurisdictions with clearer paths to EU-wide market access.

Political dynamics and cross-border implications

The policy debate in Poland has unfolded amid broader political tensions and contentious public discourse around crypto regulation. Some industry voices portrayed Nawrocki’s veto as a principled insistence on proportional regulation rather than an anti-crypto stance. However, political actors have reacted in various ways to the stalemate. Prime Minister Donald Tusk has accused a local exchange of illicit funding and ties to Russian criminal networks, allegations that feed into a narrative about the risks presented by crypto markets and the political sensitivity of crypto policy. Zonda Crypto, the Polish exchange formerly known as BitBay, has not responded to Cointelegraph’s requests for comment on these claims. The episode illustrates how regulatory design, political alignments, and public narrative can interact to shape the policy landscape and the attractiveness of Poland as a jurisdiction for crypto firms.

Beyond the vetoes, industry participants have sounded the alarm about a potential outflow of businesses. The Warsaw Chamber of Commerce for Blockchain and New Technologies notes that a substantial share of Polish crypto firms have already looked abroad since the regulatory discussion began. Some prominent operators—such as Kanga—have signaled a willingness to relocate to MiCA-friendly environments like Latvia, where faster procedures and relatively lower regulatory burdens are cited as advantages. The chamber’s president has asserted that Polish firms may lose critical scale without a domestic pathway, while regulators emphasize the need to preserve tax bases and domestic innovation. The government’s own messaging has highlighted the risk that overregulation could push companies to neighboring jurisdictions, including the Czech Republic, Lithuania, or Malta, thereby eroding Poland’s domestic crypto ecosystem.

The evolving dynamic suggests a broader policy question for Poland: should the country pursue a tightly regulated, MiCA-aligned regime with clear consumer protections and supervisory certainty, or accept a continued regulatory fragmentation that risks market fragmentation and capital flight? As July 1 nears, the decision will have immediate commercial implications for firms operating in Poland and longer-term strategic consequences for Poland’s role in Europe’s evolving crypto market.

The Polish president’s office and parliament are still weighing options, while industry participants monitor whether a revised legislative approach or an alternative regulatory package will emerge before the MiCA transition window closes. The path forward will help determine whether Poland remains a hub for crypto innovation or becomes increasingly peripheral to the EU’s integrated regulatory regime.

Closing perspective: As the MiCA deadline approaches, Poland faces a defining choice about regulatory design, implementation speed, and alignment with EU standards. The coming months will reveal whether a scaled, proportionate framework can be enacted to sustain domestic innovation, support compliant banking relationships, and preserve Poland’s standing as a crypto market within the European single market or whether regulatory fragmentation will continue to push firms toward neighboring jurisdictions.

A new PACE Act bill would let qualified non‑bank payment firms tap Fed rails directly, cutting fees and delays while dovetailing with the GENIUS Act’s stablecoin regime.

A U.S. Congressman has proposed the PACE Act, a bill that would give qualified payment companies direct access to Federal Reserve payment rails in a bid to modernize the U.S. payments system.

Bill aims to open Fed rails to non-banks

According to market reports, the proposal would allow regulated non-bank providers to connect straight to systems such as Fedwire, FedACH and FedNow, aiming to reduce settlement delays, lower transaction fees and speed up transfers for consumers and businesses.

Early reaction has been positive from fintech and cryptocurrency industry groups, which see the legislation as a way to make the U.S. payments stack faster, cheaper and more competitive versus both private-sector alternatives and other jurisdictions experimenting with real-time rails.

A LinkedIn breakdown of the draft framework says the PACE Act would create a new federal category, “Registered Covered Provider,” overseen by the Office of the Comptroller of the Currency, giving eligible firms a statutory right to apply for Fed payment accounts without needing a full bank charter.

To qualify, companies would typically need either more than 40 state money transmitter licenses or a state depository charter, a threshold designed to capture large payment processors, remittance platforms and major crypto intermediaries already operating at national scale.

Those reserve provisions mirror elements of the recently enacted GENIUS Act, requiring 1:1 backing in cash, Federal Reserve deposits, U.S. Treasury bills or tokenized equivalents, a move pitched as a way to keep customer funds safe while giving non-banks access to central bank money.

In a note cited by Politico, one supporter argued that “we can reduce the burden of bank fees borne by too many American families by enabling broader access to innovative payment systems that deliver cheaper, faster, more reliable service,” framing the PACE Act as a consumer-focused reform rather than a giveaway to fintech.

If passed, the bill would sit alongside the GENIUS stablecoin framework and recent SEC moves on digital-asset accounting as part of a broader reshaping of U.S. market plumbing, potentially allowing large crypto and payments firms to move dollars over Fed rails instead of relying solely on correspondent banks.

Adult website Pornhub is no longer accepting tether (USDT) for payouts and is now switching to Circle-issued USDC instead.

That’s according to OnlyFans content creator Gracie Hartie, who shared a screenshot of an email Pornhub allegedly sent out clarifying the change. 

In the screenshot, Pornhub claims that it was switching from USDT to USDC to make payouts “more reliable.” 

It added that “USDC is a fully-backed, MiCA-compliant and regulated stablecoin, making it a more secure option for your earnings.” 

Read more: Tether challenges USDC Solana hegemony with $127.5M Drift bailout

“It’s pegged 1:1 to the US dollar,” Pornhub stated, adding that it “works just like USDT on the ERC-20 network.”

Pornhub’s model program page no longer lists USDT as a payment method. Instead, it lists USDC and other payment methods, including Paxum, Verge, and Cosmo.

Pornhub made USDT its choice for payouts on its site in 2020 following PayPal’s decision to cut ties with the platform.  

It said at the time, “Since PayPal’s decision to stop payouts to thousands of Models two months ago, we’ve been hustling to…offer you more options.”

As part of Pornhub’s stablecoin integration of USDT the company used Justin Sun’s TronLink wallet for the payments. This infrastructure partnership between Pornhub and Sun no longer appears on Pornhub’s model program.

Before USDC cucked USDT, USDT cucked USDC

Earlier this month, another USDT/USDC switch occurred when USDT stepped in to help the hacked Drift Protocol with a $127.5 million bailout. 

Drift was drained for around $285 million after its team was infiltrated, likely by North Korean-linked hackers who compromised a multisig wallet.

This bailout deal, however, meant that Drift would “transition its settlement asset from USDC to USDT.”

Read more: Inside the $280M Drift hack: weeks of setup, minutes to drain

Protos has reached out to Pornhub and Tether for comment and will update this piece should we hear anything back.

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DoorDash is working with stablecoin-focused blockchain Tempo to build stablecoin-powered payouts to merchants and Dashers across more than 40 countries, Tempo announced in an X post today, April 21.

The delivery giant, which has been a Tempo design partner since the project was first announced in September 2025, is now moving into production, targeting faster and cheaper settlements across a three-sided marketplace that previously relied on fragmented regional rails.

Alongside the DoorDash news, Tempo, which is incubated by Stripe and Paradigm, announced that it’s launching Stablecoin Advisory, a consulting practice staffed by payments specialists, banking experts, and engineers to help other enterprises navigate the same path.

The advisory service covers use case scoping, solution architecture, and direct engineering support, with access to Tempo’s network of custody, compliance, and on/off-ramp partners.

Tempo also shared development updates from its other design partners today in the same X post. ARQ (formerly DolarApp, backed by Sequoia and Founders Fund) is migrating its cross-border payment infrastructure to Tempo to serve over 2 million customers across Mexico, Colombia, Argentina, and Brazil, with $10 billion in annualized volume.

Coastal Financial is pairing its existing institutional compliance messaging with stablecoin settlement on Tempo to cut cross-border transfers from days to minutes for its network of fintech clients.

Meanwhile, per today’s X post, Stripe — one of the two firms behind Tempo alongside Paradigm — is using the network as core blockchain infrastructure for its stablecoin money management capabilities, enabling millions of businesses to hold, send, and receive stablecoins across more than 100 countries.

Last week, Tempo unveiled Tempo Zones, private execution environments where only transaction counterparties see the details. The feature is designed for enterprises with use cases like payroll and treasury settlement, and directly based on requirements from Tempo’s design partners.

The announcements reflect a broader shift in institutional appetite for stablecoin infrastructure.

Also last week, Singapore’s Gulf Bank recently launched a Solana USDC mint and redeem service for high-net-worth clients, underscoring that traditional financial institutions are moving beyond pilots into live products.

On the retail user side, yesterday, self-custodial wallet Tangem announced the global rollout of its Visa-powered payments tool, which lets users spend USDC via virtual Visa cards.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

• Total DeFi losses: Approximately $1 billion across recent weeks, with $600M+ directly attributable to the Kelp DAO exploit and its contagion effects.
• Kelp DAO exploit scale: 116,500 unbacked rsETH minted – roughly 18% of circulating supply – via compromised LayerZero DVN node; no smart contract breach.
• TVL impact: DeFi total value locked at a one-year low following a $13 billion exodus within 48 hours of the exploit.
• Protocols affected: Aave, SparkLend, and Fluid all froze rsETH markets; Aave TVL fell from $26.4B to approximately $18B – the largest single-protocol casualty.
• Attribution: LayerZero named North Korea’s Lazarus Group – specifically the TraderTraitor subunit – as the likely perpetrator; not yet formally confirmed.
• Key watch item: Kelp DAO’s forthcoming forensic report and Aave’s bad debt resolution on tainted rsETH collateral are the two signals that will determine whether contagion stabilizes or deepens.

European financial firms and technology groups are urging lawmakers to speed up changes to rules governing distributed ledger technology, warning the region risks falling behind the U.S. in digital finance.

In a joint letter, 39 signatories including Boerse Stuttgart Group, Nasdaq and fintech associations across several European Union (EU) countries asked the European Commission and Parliament to separate the digital ledger technology (DLT) pilot regime from a broader legislative package under review.

They argue that handling the rules on their own would allow quicker updates, Bloomberg reports. The DLT pilot, in place since 2023, lets firms test how tokenized versions of assets like shares and bonds can trade and settle using blockchains.

It sits within a wider set of 18 financial laws now moving through the EU’s legislative process, a path industry groups say could take years.

The coalition is pushing for practical changes, including expanding the types of assets allowed, raising transaction limits to 150 billion euros ($176 billion) and removing expiry dates on licenses. These changes, they argue, would give firms room to build real markets rather than small trials.

The letter comes as the U.S. shapes laws regulating the space, including the Genius Act, meant to help bring crypto further into mainstream finance.

The European Commission has signaled it prefers to pass the full legislative package together as part of its broader plan to mobilize savings into investment.

• Ripple targets full post-quantum cryptography readiness for XRPL by 2028
• Phase 2 experimentation with NIST-recommended algorithms begins H1 2026; Phase 3 Devnet hybrid deployments follow in H2 2026
• XRPL’s native key rotation gives it a structural migration edge over Ethereum, where no protocol-level equivalent exists
• A ‘Quantum-Day’ contingency plan is already scoped – if classical cryptography breaks unexpectedly, XRPL enforces a hard shift to post-quantum accounts using zero-knowledge proofs
• Ripple is collaborating with Project Eleven on validator testing, Devnet benchmarking, and a post-quantum custody wallet prototype

A new report commissioned by Coinbase sounds a cautious, but urgent, alarm: Quantum computing won’t break crypto tomorrow, but the industry can’t afford to wait.

The 50-page paper, authored by an independent advisory board that includes prominent cryptographers and academics like Dan Boneh of Stanford University, Justin Drake of the Ethereum Foundation and Sreeram Kannan of Eigen Labs, concludes that while today’s blockchains remain secure, a future “fault-tolerant quantum computer” capable of breaking widely used encryption is increasingly plausible, and preparation must begin now.

In recent months, concerns around quantum risk have moved further into the mainstream. Google researchers have published estimates suggesting that a sufficiently advanced quantum computer could one day break Bitcoin’s cryptography.

Major crypto ecosystems have already started mapping out their responses. The Ethereum Foundation has proposed new types of digital signatures that are designed to be safe against quantum computers, while Solana and others are experimenting with quantum-resistant wallet designs.

The report stresses that current quantum machines are far from powerful enough to crack the cryptography underpinning Bitcoin, Ethereum and other networks. Breaking standard encryption would require vast computational overhead, a milestone still considered a major engineering challenge.

Still, the authors caution against complacency.

“We have high confidence that a large-scale, fault-tolerant quantum computer will eventually be built,” the report states, adding that the timeline is uncertain but “clearly on the horizon.”

That uncertainty is exactly the problem, with estimates ranging from “a few years to a decade or more” and no reliable way to predict breakthroughs.

The urgency is reflected in guidance from the U.S. National Institute of Standards and Technology (NIST), which recommends migrating to quantum-resistant cryptography by 2035, a timeline the report suggests may even prove optimistic.

“Waiting for it to be urgent is not a good idea,” the Coinbase paper says, emphasizing that transitions across blockchains, wallets and exchanges could take years to execute safely.

Some assets may be more vulnerable than others. For example, Bitcoin wallets that have already revealed their public keys could be targeted, while those still protected behind hash functions may be safer in the short term.

The good news: Quantum-resistant cryptography (PQC) already exists and is being standardized by NIST.

The bad news: It’s not an easy swap.

Post-quantum digital signatures can be tens to hundreds of times larger than current ones, which could dramatically increase blockchain data costs and reduce throughput. One estimate in the report suggests that replacing today’s signatures with quantum-proof alternatives could expand block sizes by up to 38 times.

There are also usability challenges, from migrating millions of wallets to deciding what to do with “lost” or inactive funds that never upgrade.

Rather than a single solution, the report outlines multiple transition strategies, including hybrid systems that combine existing cryptography with post-quantum updates or allow a gradual switch when needed.

For now, the authors recommend flexible approaches that avoid sacrificing current security or performance while enabling a rapid upgrade later.

“The time to begin preparing for it is now,” the report concludes.

Read more: Solana’s quantum-threat readiness reveals harsh tradeoff: security vs speed

Poland’s parliament, the Sejm, has yet to pass a domestic enabling act for the EU’s regulations on cryptocurrencies. 

The parliament has again failed to override a presidential veto on a key crypto regulation bill. President Karol Nawrocki defended his veto, citing concerns over excessive regulation that could harm small businesses. Opponents state that the lack of framework makes the Polish market vulnerable to fraud and free-for-all for illicit actors. The political path forward is unclear.

Outside the political arena, the reality is that Poland is the only EU member state left to implement the bloc’s Markets in Crypto-Assets (MiCA) regulatory framework. The deadline for the transitionary period ends on July 1.

This already makes it difficult for local firms to stay competitive in Europe. But after July 1, if a solution isn’t forthcoming, it will be impossible. Some are already taking their business elsewhere and moving abroad.

Crypto industry, Polish president claim bill is burdensome

In November 2025, the Sejm passed the Crypto-Asset Market Act, which would update Polish law to comply with MiCA.

Local enterprise groups were not pleased with the result. In an October letter, the Warsaw Enterprise Institute, a business-focused think tank, outlined a few of the perceived problems with the law.

First was the length. Including draft secondary regulations, the total length was well over 300 pages. The Warsaw Enterprise Institute said that, while other EU member states were satisfied with just a few dozen pages, “the Polish law has several hundred articles and provides for additional regulations.”

It said the act introduces “a ban on marketing activities related to basic cryptocurrencies and the possibility of blocking websites by administrative decision, without the right to appeal to a court.”

“Such solutions are not justified by MiCA and put Polish companies in a worse competitive position compared to entities operating in other EU countries.”.

Of further concern was the role the Polish Financial Supervision Authority (KNF) would play under the new regime. Under the law, the KNF would be the sole regulator of the entire crypto market. It would have the power to levy heavy fines as well as maintain and enforce a blacklist of “unreliable” crypto domains that Polish ISPs would have to block. 

Not only would the KNF be incredibly powerful, but it is already notoriously slow. According to a payment institution peer review by the European Banking Authority, the KNF’s authorization times were the slowest in Europe. In an October letter, the Warsaw Enterprise Institute claimed that the KNF has only issued two licenses for brokerage houses in the last 10 years. In the same time period, it has only issued one electronic money institution license, while Lithuania has registered over 100. 

Related: EU crypto firms turn to legal support as deadline for MiCA compliance nears

On Dec. 1, 2025, Nawrocki vetoed the law, citing bloated regulation. The government failed to override the veto, and then reintroduced the exact same bill. Nawrocki vetoed the bill for a second time in February, and on April 17, the Sejm repeated itself in failing to overrule the veto.

Polish parliament struggles to find path forward for MiCA

The battle over the crypto bill shows no signs of stopping. 

Firstly, for Nawrocki, passing the bill after being reintroduced in the same form would have presented a political problem.

Piech told Cointelegraph, “Once the president had already argued that the bill breached constitutional principles and contained excessive, disproportionate and vague provisions […] signing a near-identical version would have meant contradicting his own stated reasoning.”

“In that sense, the second push looked less like compromise and more like an attempt to pressure the president into a constitutional U-turn.”

Some in the crypto industry hailed the veto as Nawrocki sticking to his pro-crypto, sound regulatory principles.

“The veto is not anti-regulatory, it brings common sense back into the law-making process. […] The industry did not ask for privileges. It asked for proportionality,” said Sławomir Zawadzki, co-CEO of Kanga Exchange.

Different coalitions and groups have attempted to introduce their own versions. According to Piech, Finance Minister Andrzej Domański said that the government started work yesterday on solutions for a new crypto-asset bill. 

In December, after the first veto, the Polska 2050 political party announced “an improved draft that is a step forward from the President’s arguments, which, although far-fetched, are perhaps worth considering.”

Nawrocki himself has said he would submit a draft but the speaker in the Sejm has blocked the introduction of presidential proposals. 

The Confederation of Liberty and Independence and the Law and Justice have filed versions, while another political coalition, the Center Club, announced it would prepare another draft. 

Overall, Poland’s political class is “still deeply split on crypto.”

“This is no longer just a technical argument about implementing MiCA. It has become a broader fight over whether crypto should be brought into a normal legal framework, or treated as a politically suspicious sector that can be overregulated, stigmatised or used as a proxy battlefield after the Zonda Crypto controversy,” he said.

Polish Prime Minister Donald Tusk, himself a member of the Civic Coalition, has accused local exchange Zonda Crypto of illicit funding and ties to Russian criminal networks. It has undergone a funding crisis, pausing withdrawals, and has reportedly lobbied against the bill. 

Related: Zonda exchange says 4.5K BTC wallet inaccessible amid withdrawal crisis

Tusk also claimed that it “sponsors political and social events in Poland and promotes very specific political forces,” including the opposition far-right Law and Justice party, of which Nawrocki is a member.

Zonda Crypto did not respond to Cointelegraph’s request for comment. 

Polish crypto companies look abroad

For companies in Poland, passing a new law by the end of the MiCA transitional period on July 1 may be a case of shutting the barn doors after the horses have bolted. 

Said Piech, “A new law may still matter institutionally, especially for banks and larger financial institutions that may want to enter crypto once there is a clear legal path. But for all existing Polish crypto firms, it is already very late.”

Some domestic crypto firms are already looking abroad. Crypto exchange Kanga is considering a move to Latvia, “a country whose representatives have openly used conferences in Poland to attract crypto firms, offering a MiCA-friendly regime, faster procedures and relatively low supervisory fees,” per Piech. 

Robert Wojciechowski, president of the Polish Chamber of Commerce for Blockchain and New Technologies, said, “Since we founded the chamber, about 70-80 percent of companies have sailed abroad. Now my colleagues say they are talking to the Czech Republic to move their business there.”

The Chancellery of the President has itself raised the alarm, stating that, “Overregulation is a guaranteed way to push companies abroad — to the Czech Republic, Lithuania or Malta — instead of creating conditions for them to operate and pay taxes in Poland.”

Zonda Crypto CEO Przemysław Kral has previously told Cointelegraph, “Although we are a company with Polish roots and the largest player in the crypto industry on the Polish market, we have been operating outside Poland for years.”

“We are confident that we will remain a key player on the market. However, many small Polish crypto companies will lose the opportunity to operate on the market,” he said.

Now it’s a race against the clock, as July 1 draws closer. Piech doesn’t see a “realistic chance” for a bill to pass, and if it doesn’t, “domestic firms without a functioning Polish route are left at a structural disadvantage.”

Magazine: Adam Back says current demand is ‘almost’ enough to send Bitcoin to $1M